Top 10 Things Financial Planners Need to Know About Estate Planning 2023

Overview

Clients believe that estate planning is only for the wealthy. This isn’t the case. Perhaps as a result of the pandemic, estate planning has a renewed focus. All practitioners should be familiar with the vernacular, acronyms and techniques. Estate planning involves personal issues that affect everyone, even when the estate tax doesn’t apply. Learn strategies to pass assets to future generations; provide education benefits; distribute retirement benefits, and provide a charitable legacy.

Highlights

•Exemptions and exclusions •Portability and step-up in basis •Asset valuation •Discounts •Marital and charitable deductions •Deductions: Transmission expenses and Administration expenses (706 or 1041) •Income in respect of a decedent and retirement plan assets •Life insurance and annuities •Trust or estate administration •Trust funding

Objectives

•Identify significant developments over the past 12 months in the areas of estate, tax, retirement and financial planning. •Recognize issues that necessitate changes to an existing plan and traps for the unwary. •Select applicable planning techniques so your clients’ beneficiaries maximize after-tax assets. •Understand portability and when it should be elected.